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Nordstrom and Saks Head to Puerto Rico

Jeanine Poggi

Pack your credit card. Nordstrom(JWN Quote) and Saks(SKS Quote) are heading to Puerto Rico.

Shopping center developer Taubman Centers(TCO Quote) said the two high-end retailers will have stores in the Plaza International in San Juan, Puerto Rico. The center includes a hotel, casino, shops and restaurants.

Oddly enough, earlier today P. Schoenfeld Asset Management, which own 1.5% of Saks' outstanding shares, criticized the board in a proxy letter for allowing the company to have a presence in too many locations, resulting in low sales productivity and generating unsatisfactory return on investment.

"The Saks board has been remiss in not insisting on a more rigorous allocation of capital by management," P. Schoenfeld wrote.

Shares of Nordstrom grew 2% to $22.96, while Saks soared 22% to $4.08.

Taubman shares advanced 8% to close at $24.10.